Trade setup for April 28: Will NIFTY50 defend 24,000 levels? Here's all you need to knw

Asian markets

GIFT NIFTY:24,270 (+0.7%)

Nikkei: 35,970 (+0.7%)

Hang Sensg: 21,851 (-0.2%)

US Markets

Dow Jones: 40,113 (+0.05)

NASDAQ: 17,382 (+1.2%)

S&P500: 5,525 (+0.74)

The US markets closed the previous week with more than 6% gains on the NASDAQ, 4% on the S&P 500 and 2.7% on the Dow Jones. The gains were largely driven by an optimistic outlook on the trade war as the Trump administration hinted at de-escalation between the US-China trade war. In addition, positive commentory from the Federal Reserve officials on potential rate cuts, boosted the investor sentiments.

NIFTY50

Max call OI:24,500

Max put OI:24,000 (Ten strikes to ATM, 30 April expiry)

NIFTY50 closed the previous week with 0.3% gains despite volatility. After a sharp rally from lower levels, the index witnessed selling pressure at higher levels. Experts believe, 24,345 levels may remain the key resistance for next week amid heightened volatility.

On technical charts, the Index comfortably traded above all key short, medium and long-term averages of 20,50,100 and 200 EMA. The index may find support at the 23,500 levels in a pullback correction from higher levels. On the options front, 24,500 calls hold the highest open interest for the current expiry, indicating a strong resistance at these levels. On the flipside, the 24,000 puts hold the highest open interest, indicating strong support at these levels.

SENSEX

Max call OI:80,000

Max put OI:78,500 (Ten strikes to ATM, 29 April expiry)

SENSEX closed the previous week with 0.3% gains, maintaining the two-week winning streak. The index witnessed heavy selling pressure above the 80,000 levels, as investors preferred to be on sidelines amid rising tensions of war between India and Pakistan.

On the technical front, similar to the NIFTY50, the SENSEX too traded comfortably above 20,50,100 and 200 EMA levels, indicating strong buying strength. However, in the near term, 80,200 levels may act as a strong resistance.

On the options front, the open interest data remains weak for the current week export as 80,000 calls holding the highest open interest, and 78,500 puts hold the highest interest, indicating a broad range of trade for SENSEX.

Stock scanner

Long build-up: SBILife

Short build-up: Shriram Finance, Adani Ports, Trent

Top traded futures contracts: Maruti, Reliance, Axis Bank

Top traded options contracts: Infy 1600 CE, HDFC Bank 2040 CE

Under F&O ban:, Mannapuram, RBL Bank. Out of F&O ban: Birlasoft, Hindustan Copper, National Aluminium, IREDA.

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